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SF 492

as introduced - 88th Legislature (2013 - 2014) Posted on 02/15/2013 08:35am

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to taxes; modifying tax incentive payments for the Sustainable Forest
Incentive Act; amending Minnesota Statutes 2012, sections 290C.06; 290C.07.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2012, section 290C.06, is amended to read:


290C.06 CALCULATION OF AVERAGE ESTIMATED MARKET VALUE;
deleted text begin MANAGED FOREST LANDdeleted text end new text begin TIMBERLANDnew text end .

The commissioner shall annually calculate a statewide average estimated market
value per acre for class deleted text begin 2c managed forest landdeleted text end new text begin 2b timberlandnew text end under section 273.13,
subdivision 23new text begin , paragraph (b)new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for calculations made in 2014 and
thereafter.
 new text end

Sec. 2.

Minnesota Statutes 2012, section 290C.07, is amended to read:


290C.07 CALCULATION OF INCENTIVE PAYMENT.

(a) An approved claimant under the sustainable forest incentive program is eligible
to receive an annual paymentnew text begin as provided in this sectionnew text end . deleted text begin The payment shall equal $7 per
acre for each acre enrolled in the sustainable forest incentive program.
deleted text end

(b) deleted text begin The annual payment for each Social Security number or state or federal business
tax identification number must not exceed $100,000.deleted text end new text begin For a claimant with no more than
1,920 acres enrolled, the payment shall be the greater of:
new text end

new text begin (1) the difference between the property tax that would be paid on the land using the
previous year's statewide average total township tax rate and the class rate for class 2b
timberland under section 273.13, subdivision 23, paragraph (b), if the land were valued at:
 new text end

new text begin (i) the average statewide timberland market value per acre calculated under section
290C.06; and
 new text end

new text begin (ii) the average statewide timberland current use value per acre calculated under
section 290C.02, subdivision 5; or
 new text end

new text begin (2) two-thirds of the property tax amount determined by using the previous year's
statewide average total township tax rate, the estimated market value per acre as calculated
in section 290C.06, and the class rate for class 2b timberland under section 273.13,
subdivision 23, paragraph (b), provided that the payment shall be no less than $7 per acre
for each acre enrolled in the sustainable forest incentive program.
 new text end

new text begin (c) For a claimant with over 1,920 acres enrolled, the payment shall be $....... per
acre for each acre enrolled in the sustainable forest incentive program.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for calculations made in 2014 and
thereafter.
 new text end